FinTech Scotland’s global innovation challenge to deliver positive environmental impact

FinTech Scotland's global innovation challenge to deliver positive environmental impact

FinTech Scotland, in collaboration with 10 industry partners, has launched a worldwide innovation challenge focused focused on delivering positive environmental and societal outcomes.

Working in collaboration with EY, Morgan Stanley, Lloyds Banking Group, HSBC, Barclays, Phoenix Group, Sopra Steria, Equifax, Virgin Money and abrdn, the innovation challenge invites innovative companies from across the world to apply, with successful firms potentially eligible for funding of up to £50,000.

It focuses on the best use of data and identifying new data sources that will help address critical environmental, social, and governance (ESG) questions. It invites innovative enterprises to develop data led solutions and technology enabled approaches to new ESG regulatory requirements, helping drive responsible outcomes for people and the environment.

The challenge will run for three months, and successful applications will work alongside some of the leading global financial services firms, learning about challenges, their ways of working and how to best integrate solutions within these businesses. Successful applicants will also be able to access support and inputs from industry partners to help develop solutions further.

The programme is enabled by FinTech Scotland’s Financial Regulation Innovation Lab (FRIL), which works to support innovation and ground-breaking solutions that will address the increasing demand of new financial regulations, using a collaborative approach that works across industry, academia, regulators, experts and innovators.

FRIL will utilise the expertise from leading academic experts in climate, data and technology from across the University of Strathclyde and the University of Glasgow, supporting the development of this programme.

Companies interested in applying can do so here until the 7 July at midnight.

FinTech Scotland's global innovation challenge to deliver positive environmental impact

Nicola Anderson

Nicola Anderson, CEO at FinTech Scotland, said: “I’m excited to see this work develop to drive innovation on this important agenda. This programme highlights two key attributes that when combined can accelerate responsible innovation.

“Using collaborative action that is focused on priority industry needs will accelerate positive innovation. I’m looking forward to seeing the progress and outcomes from this work have a positive impact for the environment and for society.”

Tom McFarlane, partner at EY, said: “Embedding environmental, social, and governance (ESG) criteria across the financial sector is not just a regulatory requirement, but a fundamental driver of long-term value.

“The FRIL’s ESG Innovation Call will bring firms of all sizes together to create innovative solutions that raise the standards of ethical and sustainable governance, and EY is proud to play a part in supporting this.”

Angela Benson, head of Glasgow finance at Morgan Stanley, said: “Morgan Stanley is delighted to join this ESG Innovation Call, reflecting our steadfast commitment to integrating environmental, social, and governance principles into our core business strategies.

“This initiative is an excellent platform for fostering collaboration and driving forward the innovative solutions needed to address the pressing sustainability challenges we face today.”

Jennifer Simpson, head of climate & ESG risk at Bank of Scotland-owner Lloyds Banking Group, said: “LBG is excited to join the Financial Regulation Innovation Lab’s ESG Innovations Call as we recognise the critical importance of addressing climate and ESG risks ensuring a sustainable future for our customers.

“This initiative also aligns with our purpose of helping Britain prosper and provides an excellent opportunity for us to work with industry partners, Fintech’s and researchers to develop innovative solutions that enhances ESG integration and supports regulatory delivery.”

Richard Nicol, senior product owner at Phoenix Group, said: “This call aligns seamlessly with our commitment to integrating sustainable governance into our investment strategies.

“We recognise the critical role that fintech innovations can play in addressing global environmental and social challenges that not only generate strong financial returns but also contribute positively to our broader community and planet.”

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